Coinbase has added the SEAM token, powered by a Layer 2 Base network, to its list of trading assets

by Max Nevskyi

3 years ago

Coinbase has now added SEAM token to its list of available assets, which represents a tool for managing a decentralized lending and borrowing platform known as the Seamless Protocol, immediately after its launch.

SEAM becomes the first and only Base-based project token registered on Coinbase. The crypto asset also becomes the "first governance token to be distributed fairly based on participation of each user in the ecosystem through personal points and exclusive NFTs. stated a representative of the Seamless Protocol.

In addition to adding the SEAM token to its asset list on the day of its launch, Coinbase also added the gaming token Big Time and the liquid staking protocol token Jito based on Solana. This led to a significant increase in the prices of both tokens.

Seamless Protocol was launched in September and is a fork of Aave v3, a popular DeFi lending protocol on Ethereum. The protocol is built on a Layer 2 Ethereum network incubated by Coinbase. It was developed through the collaborative efforts of participants and consultants from companies such as Coinbase, Uniswap, CertiK, and Seashell.

The project team did not conduct a sale of SEAM tokens, stating:

SEAM participates in voting in the Base governance time-lock contract, making it unique among other tokens typically used on the Base platform as extensions...

According to DefiLlama data, Seamless Protocol currently ranks eighth among applications on the Base platform by total locked value, which is approximately $7.5 million.

The total supply of SEAM tokens is 100 million, with 69% allocated to the community, and the rest will be used to support the ecosystem.

Over 5000 Seamless users were eligible to participate in the distribution, which took place on December 8th. These users became early supporters of the protocol, earning OG Points and completing community quests hosted on platforms such as Galxe and other platforms.

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